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The importance of a financial plan. Working with us to create your financial plan helps you identify your long and short term life goals.Talk to us to see how we can help you.

Working with us to create your financial plan helps you identify your long and short term life goals. When you have a plan, it’s easier to make decisions that align with your goals. We outline 8 key areas of financial planning:

  • Income: learn to manage your income effectively through planning
  • Cash Flow: monitoring your cash flow, will help you keep more of your cash
  • Understanding: understanding provides you an effective way to make financial decisions that align with your goals
  • Family Security: having proper coverage will provide peace of mind for your family
  • Investment: proper planning guides you in choosing the investments that fit your goals
  • Assets: learn the true value of your assets. (Assets – Liabilities)
  • Savings: life happens, it’s important to have access to an emergency fund
  • Review: reviewing on a regular basis is important to make sure your plan continues to meet your goal
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Working at an organization that offers a pension plan is one of the greatest financial advantages a Canadian can enjoy. Pension plans are designed to provide retirement income and help employees reach their retirement goals and for business owners- help retain key employees. Talk to us for a complimentary review.

Working at an organization that offers a pension plan is one of the greatest financial advantages a Canadian can enjoy. Pension plans are designed to provide retirement income and help employees reach their retirement goals and for business owners- help retain key employees.

Pension plans can offer:

  • Employer contributions
  • Forced retirement savings for employee

There are 2 main types of pension plan:

  • Defined Benefit Plan
  • Defined Contribution Plan

Defined Benefit Plan

  • Retirement income is guaranteed, contributions are not.
  • The pension amount is based on a formula that includes the employee’s earnings and years of service with the employer
  • Usually, contributions are made by the employee and employer
  • The employer is responsible for investing the contributions to ensure there’s enough money to pay the future pensions for all plan members.
  • If there’s a shortfall, the employer pays the difference.

Defined Contribution Plan

  • Contributions are guaranteed, retirement income is not.
  • Usually, contributions are made by the employee and employer.
  • The employee is responsible for investing all contributions.
  • The amount available in retirement depends on how the investment performs including total contributions.
  • At retirement, the money in the account can be used to generate retirement income through purchasing an annuity or transferring the amount to a locked-in retirement income fund.

In summary, a defined benefits plan guarantees you a retirement income and a defined contribution plan guarantees contributions but not retirement income.

Talk to us, we can help.

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When putting together your financial plan, there is no question about the benefits of consolidation. The importance of having a financial plan is the ability to coordinate, consolidate and be able to implement your plan to achieve your goals.

The Benefits of Consolidation

When putting together your financial plan, there is no question about the benefits of consolidation. It’s common to have your finances all over the place. Savings at the bank, investments with several financial institutions, retirement savings at another. The importance of having a financial plan is the ability to coordinate, consolidate and be able to implement your plan to achieve your goals.

By putting it all together, it allows for better planning where there’s less confusion, more control over your finances, efficient investing and tax planning and creates a clear picture of what needs to be done to fulfill your financial goals.

Consolidation means you have an accountability partner on your side that will keep you on track and stay the course and address gaps in your plan and introduce you to specialists if needed.

Financial Planning issues that should be addressed are: 

    • Wealth Protection

        • Is your disability insurance adequate?
        • What about your life insurance in case of premature death?
        • What do you do in case of a critical illness?
        • Estate Planning- what’s the primary goal of your estate plan?
    • Wealth Accumulation

        • Are you looking to preserve or grow your investments?
        • Is your investment mix suitable for you?
        • Are your investments tax efficient?
        • When do you plan to retire?

These issues are just scraping the surface, talk to us and we can chat further on how we can help.

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